LeftCoins Review: Boris CEO MLM crypto Ponzi
LeftCoins fails to provide verifiable ownership or executive information on its website.
LeftCoins is purportedly headed up by CEO “Arnold Mitchell”.
Mitchell of course doesn’t exist outside of LeftCoins’ marketing material. That’s because Arnold Mitchell is played by Yukhimenko Grigory (Юхименко Михаил).
Grigory is an English teacher based out of Ukraine. To hide his accent, LeftCoins dubbed Grigory over in the marketing video he features in.
Boris CEO MLM companies are typically the work of Russian scammers. Whether Grigory was hired by Russian or Ukrainian scammers is unclear.
In an attempt to appear legitimate, LeftCoins provides a ASIC registration details for the shell company “LeftCoins Digital Algorithms PTY LTD.
ASIC are known for non-regulation of MLM fraud. Furthermore anyone can register a company with ASIC using whatever bogus details, there is no verification.
For this reason ASIC registration is favored by scammers residing outside of Australia.
With respect to MLM due-diligence, ASIC registration certificate as proof of legitimacy is therefore meaningless.
Finally we note that LeftCoins’ website domain (“leftcoins.com”), was privately registered on November 29th, 2022.
Despite existing for less than a year, on its website LeftCoins falsely claims it “appeared in 2020”.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
LeftCoins has no retailable products or services.
Affiliates are only able to market LeftCoins affiliate membership itself.
LeftCoins’ Compensation Plan
LeftCoins affiliates invest USD equivalents in cryptocurrency.
This is done on the promise of advertised returns:
- invest $25 to $500 and receive 2.5% a day
- invest $2500 or more and receive 2.8% a day
- invest $5000 or more and receive 3% a day
- invest $10,000 or more and receive 3.4% a day
- invest $25,000 or more and receive 3.8% a day
- invest $50,000 or more and receive 4% a day
- invest $75,000 or more and receive 4.3% a day
- invest $100,000 or more and receive 4.7% a day
The MLM side of LeftCoins pays on recruitment of affiliate investors.
LeftCoins Affiliate Ranks
There are nine affiliate ranks within LeftCoins’ compensation plan.
Along with their respective qualification criteria, they are as follows:
- Stager – sign up as a LeftCoins affiliate
- Junior – generate $5000 in personally recruited affiliate investment volume
- Middle – generate $20,000 in personally recruited affiliate investment volume
- Senior – generate $50,000 in personally recruited affiliate investment volume
- Lead – generate $100,000 in personally recruited affiliate investment volume
- Chief – generate $250,000 in personally recruited affiliate investment volume
- Head – generate $500,000 in personally recruited affiliate investment volume
- Visionary – generate $1,000,000 in personally recruited affiliate investment volume
- Legend – generate $2,500,000 in personally recruited affiliate investment volume
LeftCoins pays referral commissions via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.
If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.
LeftCoins caps payable unilevel team levels at five.
Referral commissions are paid as a percentage of cryptocurrency invested across these five levels as follows:
- Stager ranked affiliates earn 5% on level 1 (personally recruited affiliates) and 1% on levels 2 and 3
- Junior ranked affiliates earn 7% on level 1, 2% on level 2, 1% on level 3 and 0.5% on levels 4 and 5
- Middle ranked affiliates earn 8% on level 1, 2% on level 2 and 1% on levels 3 to 5
- Senior ranked affiliates earn 10% on level 1, 2% on level 2 and 1% on levels 3 to 5
- Lead ranked affiliates earn 12% on level 1, 2% on level 2 and 1% on levels 3 to 5
- Chief ranked affiliates earn 15% on level 1, 3% on level 2, 2% on level 3 and 1% on levels 4 and 5
- Head ranked affiliates earn 18% on level 1, 3% on level 2, 2% on levels 3 and 4 and 1% on level 5
- Visionary ranked affiliates earn 20% on level 1, 4% on level 2, 3% on level 3, 2% on level 4 and 1% on level 5
- Legend ranked affiliates earn 22% on level 1, 5% on level 2, 3% on level 3 and 2% on levels 4 and 5
Rank Achievement Bonus
LeftCoins rewards affiliates for qualifying at Junior or higher with the following one-time Rank Achievement Bonuses:
- qualify at Junior and receive $250
- qualify at Middle and receive $750
- qualify at Senior and receive $1500
- qualify at Lead and receive $2500
- qualify at Chief and receive $7500
- qualify at Head and receive $12,500
- qualify at Visionary and receive $25,000
- qualify at Legend and receive $75,000
LeftCoins affiliate membership is free.
Full participation in the attached income opportunity requires a minimum $25 investment.
LeftCoins solicits investment in various cryptocurrencies.
LeftCoins’ external revenue ruse is tied to the “purchase virtual or physical servers that will bring daily income.”
LeftCoins’ servers are purportedly used to locate and steal money from “forgotten cryptocurrency wallets”.
Our company is seeking for forgotten cryptocurrency wallets.
After a certain wallet with balance is found which is inactive for a certain period, a special algorithm starts searching access keys to wallet.
Once we find a wallet with balance and getting access to it, these funds are following to one of our main accounts and then paid out to investors who owns virtual or physical servers.
Apart from being absurd on face value, LeftCoins’ business model fails the Ponzi logic test.
If LeftCoins has automated software of locating and stealing from “forgotten cryptocurrency wallets”, what do they need your money for?
The answer is, much like LeftCoins’ CEO not existing and the company itself not existing in Australia, is that the servers and magic wallet-finding algorithm also don’t exist.
As it stands the only verifiable source of revenue entering LeftCoins is new investment.
Using new investment to pay daily returns would make LeftCoins a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve LeftCoins of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
Update 9th November 2023 – LeftCoins has collapsed. As at the time of this update, LeftCoin’s website is no longer accessible.